diff --git a/scripts/surfer/ibkr_paper_book.py b/scripts/surfer/ibkr_paper_book.py
index ed1102c12..670d87459 100644
--- a/scripts/surfer/ibkr_paper_book.py
+++ b/scripts/surfer/ibkr_paper_book.py
@@ -82,7 +82,9 @@ def main():
         tgt_sh = nlv * w / px[t]
         cur = pos.get(t, 0.0)
         delta = tgt_sh - cur
-        if abs(delta * px[t]) > HYST * nlv:
+        # entry from zero uses a small floor (0.5% NLV); rebalancing an existing position uses full hysteresis
+        thresh = (0.005 if cur == 0 else HYST) * nlv
+        if abs(delta * px[t]) > thresh:
             orders.append((t, "BUY" if delta > 0 else "SELL", round(abs(delta), 4)))
     print(f"\nintended orders (hysteresis {int(HYST*100)}% of NLV):")
     for t, side, qty in orders: